Examlex
Who had served as a de facto lender of last resort during the 1907 panic?
Problem Of Scarcity
The fundamental economic problem of having seemingly limitless human wants in a world with limited resources, leading to the necessity of making choices.
Microeconomics
A branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources.
Trade-Offs
The balance achieved between two desirable but incompatible features; a compromise or the act of giving up one benefit to gain another.
Positive Statement
An objective statement based on factual claims, describing the world as it is without imbuing personal preferences or prescriptions.
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